tive in minimizing losses on the junior Classes, particularly the Subordinated Securities. Interest Rate Risk. There will be a rate mismatch between the Floating Rate Notes and a portion of the underlying Collateral Obligations. Although all or most Collateral Obligations are expected to bear interest at rates based on

s of principal on or before that first day of such Interest Period) at the per annum Interest Rate specified in the "Summary of Terms." Interest on the Floating Rate Notes will be calculated on the basis of the actual number of days elapsed in the relevant Interest Period divided by 360. On each Distribution Date, the

deferred to (but excluding) the Distribution Date on which it is repaid (at the election of the Investment Manager) at the LIBOR rate applicable to the Floating Rate Notes for each Interest Period that such amount is unpaid. "Definitive Security": Any Security issued in definitive, fully registered form without inter

that the notional amount of any such Hedge Agreements has not changed since the applicable Measurement Date), and the expected interest payable on the Floating Rate Notes will be calculated using the interest rates applicable thereto on the applicable Measurement Date; and (B) it will be assumed that after the appl

ation that is required by subsection (dX4) of Rule 144A. Section 7.15. Calculation Agent. (a) The Issuer hereby agrees that for so long as any of the Floating Rate Notes remain Outstanding there will at all times be an agent appointed to calculate LIBOR in respect of each Interest Period in accordance with the terms

tive in minimizing losses on the junior Classes, particularly the Subordinated Securities. Interest Rate Risk. There will be a rate mismatch between the Floating Rate Notes and a portion of the underlying Collateral Obligations. Although all or most Collateral Obligations are expected to bear interest at rates based on